Pierchoski Estate Law March 2019 Newsletter

Pierchoski Estate Law March 2019 Newsletter

“I became a Personal Family Lawyer® because I wanted to make a real difference in the lives of my clients. Before making any major purchases or life decisions, you can get legal advice from your very own Personal Family Lawyer®! It’s easy and affordable....

Don’t Make These Guardianship Mistakes


Deprecated: Function create_function() is deprecated in /var/www/wp-content/plugins/wp-spamshield/wp-spamshield.php on line 2033
     Download Info           Download 6 COMMON MISTAKES MOST PARENTS (AND THEIR LAWYERS!) MAKE WHEN NAMING GUARDIANS Compliments of Pierchoski Estate Law  Find out what the biggest mistakes are when it comes to naming guardians for children. Make sure your children...

Three Health Care Documents You Need to Include in Your Estate Plan

Decisions about your health care are some of the most important you will ever make. Don’t put off making plans until you are unable to assert your wishes. Including health care documents in your estate plan can ensure your decisions are always your choice, even if you...
What Women Need to Know About Estate Planning

What Women Need to Know About Estate Planning

Women outlive men, make less during their careers and have less in savings due to pay discrepancies and time taken out of the workforce to raise their families. These are just a few reasons why it is important for you to know the following about estate planning: Minor...

The Basic Estate Planning Task EVERY Adult Needs to Review Today

With the federal estate tax exemption at $5.49 million for 2017, many people think estate planning is unnecessary. But there’s one thing ALL adults over the age of 18 need to look at, regardless of estate taxes: beneficiary designations. You would be amazed at how...
5 Reasons Why You Need to Review Your Estate Plan

5 Reasons Why You Need to Review Your Estate Plan

Creating an estate plan to protect your financial future and that of your family is just the first step in the estate planning process. Once those documents are executed, you will still need to review your plan annually to ensure it continues to reflect your needs and...

The Last Important Gift to Give Your Family

As hard as it is for all of us to plan for our deaths, doing so is one of the best things you can do for your family. Adding to their grief and pain by giving them no clue as to where to find your personal and business paperwork should not be a memory you leave...

The Wealth Creation Trust: A Gift That Keeps On Giving

The perfect gift for your child or grandchild on the occasion of their birth, Bar or Bat Mitzvah, Sweet 16 or Quinceañera cannot be found in any store.  Instead, the hopes and wishes you have for your child (or grandchild’s) future can best be expressed with a gift of...

How to Avoid Family Conflict When Making an Estate Plan

Unfortunately, money has a habit of bringing out the worst in people, even in the best of families. One of the most important reasons to get your Tennessee estate plan handled is to keep your family out of conflict. And, yet, without the right counsel, your estate...

For Estate Planning, There is No Fix –It-And-Forget-It

It’s hard to believe that people who spend a lifetime working hard to accumulate wealth spend little or no time planning for what will happen to it after they pass, especially if children are in the picture. Yet a recent Consumer Reports survey tells us that 86% of...

How To Leave Your Home To Your Kids

Many parents want to know the best way to leave a home to their children. Before you make a plan, you should first be sure that your children actually want the property. We have seen too many parents take on unnecessary financial hardship in order to keep a home as an...
Power of Attorney – What is it and Is it Enough?

Power of Attorney – What is it and Is it Enough?

Power of attorney (POA) is a document that grants a specific person, called an agent, the authority to make important decisions on behalf of another person, called the principal. There are many different kinds of power of attorney. The scope of the authority the...

How to Fund Your Trust to Avoid Probate

A common estate planning mistake many people make – including celebrities like Michael Jackson – is not ensuring the Trust you have created holds all your assets. Unfortunately, many lawyers do not make sure this is properly handled for their clients because they are...
How to Protect Family Heirlooms From a Family Feud

How to Protect Family Heirlooms From a Family Feud

The passing of family heirlooms from one generation to another should be welcome tradition in most families, but unfortunately, this process can cause long-lasting family rifts if not done properly. There are many stories of families that have split over a silver tea...
6 Cases When a Trust is Better Than a Will in Tennessee

6 Cases When a Trust is Better Than a Will in Tennessee

A Will is one of the most basic Tennessee estate planning documents, and everyone should have one to make sure that there is no question about what would happen to your assets and kids if something happens to you. But there are some cases when having a trust in...
7 Reasons to Consider a Trust for Your Family

7 Reasons to Consider a Trust for Your Family

Do you consider trusts to be instruments of the wealthy? While it is true that many Americans of means have trusts to protect and pass their wealth, there are a number of reasons why trusts can also be useful for middle-class families. Here are 7 of them: Control...
How to Ensure Your Life Insurance Benefits Go to Your Heirs

How to Ensure Your Life Insurance Benefits Go to Your Heirs

Recently, 11 major life insurance companies agreed to pay $763 million to the heirs of deceased policyholders after it was discovered the companies continued billing customers for their policies even after they were dead. This agreement is the second in the last two...

What Happens if You Die Without a Will?

Most people know they need a Will. And many of them fully intend to write a Will … someday. But life is busy and the will keeps getting put off. Eventually, someday becomes never.. In fact, nearly half of American adults will die without a Will in place. So what...

How These Common Assets Can Affect Your Financial Aid Eligibility

Financial aid is a valuable resource for students and their families. And sending a child off to college is one of life’s biggest (and often most expensive!) events. Unfortunately, certain assets may adversely affect student financial aid eligibility. That’s why...
When Is the Purchase of Long-Term Care Insurance Worth It?

When Is the Purchase of Long-Term Care Insurance Worth It?

Elder Care is emerging as a significant issue for many people as life spans continue to increase. It is nice to know that because of health care advances, we can expect to live longer, but there are no included guarantees on the quality of life in the later years....

Legal Strategies to Avoid Guardianship

As senior citizens continue to age, the likelihood increases that they will become physically or mentally incapacitated. Hopefully, people in such a situation have family members who step in and help keep their affairs in order. However, that is not always the case....

What Happens to an Indigent Person After Death?

There are so many people in our midst who are considered indigent. We see them on street corners, in parks, and where homeless people congregate. We may wonder how they get by from day to day. But do you ever wonder what happens when an indigent person dies? Cities,...

Are You Entitled to Unpaid Time Off Without Risking Your Job?

The Family and Medical Leave Act may provide unpaid time off due to the serious health condition of an employee or an employee’s immediate family member. However, only certain employers, known as covered employers, are required to comply with this law. Additionally,...
Planning for What Happens Last

Planning for What Happens Last

Seth Godin is a well-known and oft-quoted American entrepreneur who has authored 13 best sellers that have been translated into 33 languages. Recently, he wrote a post on his blog at SethGodin.com that is a must-read for everyone. I am reprinting it here in its...

The Conversation You Must Have With Your Kids and Your Parents

Every single adult needs to have an advance health care directive written, signed and in place. This includes your children, as soon as they turn 18. This includes you. This includes your parents. Without an advance health care directive in place, you would not be...

How to Protect Your Assets from a Child’s Divorce

A child’s wedding day is one of the happiest occasions in life for most parents, especially when they approve wholeheartedly of that child’s choice of mate. Sometimes, however, the choice is not always welcomed and parents become concerned about how to protect assets...
Financial Myths About Getting a Divorce

Financial Myths About Getting a Divorce

If your marriage is on the rocks, one of your many worries is probably the impact divorce will have on your financial life. Pierchoski Estate Law can support you with a thorough analysis of your assets and understanding of the financial impact of a divorce, but first...

How Long-Term Care Planning Can Protect You From Medicaid Divorce

Currently, it is estimated that 7 in 10 Americans will need some type of long-term care, with Medicaid expected to pay for two-thirds of those long-term care services. A recent Huffington Post article entitled, Is Divorce the Best Option for Older Americans? examined...
The Pros and Cons of Prenuptial Agreements

The Pros and Cons of Prenuptial Agreements

Americans today are getting married later in life.  Currently, the average age of a first marriage is 27 for women and 29 for men — an increase of four years for women and three years for men in just the last 25 years. So it may not be so surprising that more...

Financial Self-Protection Tips for the Newly Single

Whether you have a lost a spouse or partner through divorce or death, being thrust into singlehood can be an emotionally and financially jarring experience. To get yourself back on firm footing, at least financially, follow these five steps: Finalize financial plans....

Divorce After 50: Common Mistakes That Can Ruin Retirement

Beyond the emotional impact that divorce can have on couples of any age that decide to split, it can have a potentially devastating effect on the retirement plans of those who divorce later in life. Divorce after 50 usually results in a loss of income for both...
Legal Rights of Grandparents:

Legal Rights of Grandparents:

When all is ideal in a family, the bond between grandparent and child is a special one. Maybe you’ve even heard that grandparenting is the grand reward for parenting. But what happens when the grandparent becomes the parent? Or when parents’ divorce or one parent dies...
Estate Planning with Gifts to Grandchildren

Estate Planning with Gifts to Grandchildren

If you are in your golden years and are looking for ways to spread your wealth, you should consider the various tools that will allow you to financially protect and benefit your grandchildren. Carefully planning your gifts to your grandchildren is not only a generous...
Things To Think About Before Making Gifts to Grandchildren

Things To Think About Before Making Gifts to Grandchildren

If you have grandchildren – or are getting ready to welcome one – you know the special joy they bring. After all, you can now leave all the heavy lifting to the parents and just enjoy connecting with them. Many grandparents who enjoy financial freedom are...

Cleaning For Your Legal and Financial Affairs

Spring has officially sprung and that means it’s spring cleaning time. Shake out the rugs, clean out the cupboards, and get your legal and financial affairs in order. For plenty of folks, it’s easy to know what to do when it comes to home organization, but the idea of...

What to Do With a Cash Windfall

Many of us like to fantasize about winning the lottery. We muse with our friends about how we might spend the money, and we dream about never wanting for anything ever again. The odds are against us, of course, at least as far as the lottery goes. But that doesn’t...
4 Steps You Should Take to Protect Your Money

4 Steps You Should Take to Protect Your Money

Asset protection is not something most people think too deeply about. Most of us are busy trying to accumulate assets to give considered thought to consider the importance of protecting what we have. Peirchoski Estate Law can help you ensure that your assets are...
Taking the Complexity Out of Estate Planning

Taking the Complexity Out of Estate Planning

Remember that old joke: How do you eat an elephant? Answer: One bite at a time. The truth about how you tackle any seemingly complex task, taking it one step at a time so as not to overwhelm yourself. Many people neglect to create an estate plan because they see it as...

Holidays a Perfect Opportunity to Check Up on Aging Parents

The holidays are a traditional time for multiple generations to gather together, and are also a perfect opportunity for adult children to perform a reality check on how their aging parents are doing health-wise as well as assess financial and medical planning issues....
How to Protect Elderly Parents From Financial Abuse

How to Protect Elderly Parents From Financial Abuse

According to a recent study by the Investor Protection Trust and Investor Protection Institute, the top three ways that the elderly could be financially exploited are: Theft of funds or property by family members Theft of funds or property by caregivers Financial...
When Duty Calls: Navigating the Sandwich Generation with Ease

When Duty Calls: Navigating the Sandwich Generation with Ease

The average age of parents raising children in the US continues to rise, leaving many middle-aged Americans in a category commonly referred to as the sandwich generation. This growing population of professionals are often still raising kids at home when they become...

The Talk You Need to Have With Your Parents

When you were a kid, your parents dreaded the talk they had to have with you. You know the one. Well, now that you are an adult, there’s a talk you need to have with your parents that is likely to be just as squirm-worthy – which is why so many of us put it off. It’s...

New Help for Financial Caregivers

Pierchoski Estate Law knows that you have special considerations if you are helping an elderly parent or relative manage their finances or have been given a power of attorney, then you have both legal and ethical obligations in your role as a fiduciary. Basically, a...
Protecting Your Newborn From Birth

Protecting Your Newborn From Birth


Deprecated: Function create_function() is deprecated in /var/www/wp-content/plugins/wp-spamshield/wp-spamshield.php on line 2033
Congratulations! It’s an Estate Plan! In the process of becoming new parents, many couples become experts at planning –scheduling the birthing classes, planning the new nursery, even picking out a preschool. There is so much to think about before you welcome your new...

Name Legal Guardians for Your Kids for Free On This Website

One of the hardest things to do as a human being is to acknowledge our mortality. Some people even seem to think that if they ignore their eventual death, it will not happen. This is risky behavior for anyone, but particularly for those who are parents of young...
Estate Planning Essentials for Parents

Estate Planning Essentials for Parents

A comprehensive estate plan can protect the things that matter most. For many, this means their property and their family. Including provisions for the care of your children in your estate plan is essential for peace of mind. But many parents struggle with including...
What Every Single Parent Needs to Know About Estate Planning

What Every Single Parent Needs to Know About Estate Planning

At Pierchoski Estate Law we know that single parents are some of the busiest people there are. If you are a single parent, life for you right now probably couldn’t get any busier. You are likely being pulled between work, school activities, sports teams and the...

A Plan for Protecting Your Most Valuable Asset:  Your Children

If you have young children, chances are that your summer activities include some careful planning to keep them safe from harm. Unfortunately, even with proper precautions in place, accidents do happen and not just to children. Have you planned for what will happen to...

The Legal Planning You Need to Do for Your High School Graduate

If you’re the parent of a high school graduate this year, congratulations! You’ve put in a lot of time and effort toward their earning that diploma, and whatever their next step in life will be, you likely want to protect them just as much as you did while they were...

Unconditional Love Doesn’t Have to Mean Unconditional Inheritance

Most parents love their children unconditionally and want to do whatever they can to smooth life’s rough road for them. But that unconditional love doesn’t necessarily mean that unconditional trust exists when it comes to leaving children with a hefty inheritance. A...
Make a Contract With Your Teen Driver This Summer

Make a Contract With Your Teen Driver This Summer

With summer more teen drivers are on the road.  Statistics show teens have twice as many accidents during the summer as any other time of the year, and alcohol is often a contributing factor. Researchers say teen drivers do not think about risk the same way adults do,...
Saving for College: Where and How to Do It

Saving for College: Where and How to Do It

If it’s important to you that your children attend college, the time to start saving is now, no matter how young or old they are; the question for you to ask is where to place your savings. If you start saving early in your child’s life, you can afford to be a...

The Perfect Solution for Choosing Your Child’s Guardian

If you have minor children and have not yet selected a guardian, you are not unlike many parents who put off this critically important task while waiting for the perfect solution to present itself. Or perhaps you and your spouse/partner cannot agree on who would be...

5 Things You Need to Know Before You Name Beneficiaries

Once you have chosen the people you want to receive any of your assets — either from a will, a trust, a life insurance policy or a retirement or bank account — the way you designate how they will inherit should be a key consideration. Here are five things...

Receiving an Inheritance One Day? Here’s What to Do Now.

Baby boomers are set to inherit up to $8.4 trillion over the next 15 years, according to The Center for Retirement Research at Boston College.  A recent New York Times article explored the complicated issues that these inheritances can bring, including transferring...

Think About Your Beneficiary Designations Over the Holidays

When you look around your holiday table this year, you will probably not be thinking about the beneficiary designations on your 401(k), IRAs or life insurance policies. But perhaps you should. Having the wrong beneficiary designated on these and other things like bank...

10 Common Errors When Naming Life Insurance Beneficiaries

If you make a mistake in naming beneficiaries for your life insurance policy, the people you love will end up being hurt. Insure.com recently provided a list of the 10 life insurance beneficiary mistakes to avoid.  We elaborate on how they’ll affect you and how to fix...
Tips & Rules for Estate Executors and Administrators

Tips & Rules for Estate Executors and Administrators

If you have been named the executor of someone’s estate or the Trustee of a Trust, you may be unaware of all the details this responsibility entails. Most parents name a child as an executor, but seldom do children then do the necessary research to see what estate...
How to Preserve a Family Vacation Home with a Trust

How to Preserve a Family Vacation Home with a Trust

If you are fortunate enough to have a family vacation home, you know the emotional value it holds for every member of your family. Many cherished family memories are rooted in a special place, which makes it important for current and future generations to preserve it...
Before You Take Off for Summer Vacation

Before You Take Off for Summer Vacation

It’s no surprise that Americans spend more time planning their summer vacations than they do planning their estate. After all, a vacation is a trip you want to go on, while the eternal trip is not. However, wouldn’t you travel with more peace of mind if you knew you...
Consider Your Estate Plan Before You Travel

Consider Your Estate Plan Before You Travel

Booking flights and that great destination resort is where everyone’s mind goes when thinking about travel and vacations. And you are also planning for pet care, house sitting and someone to grab your papers and mail while you are gone. But it is also time to think...
A Duty Checklist for Trustees of a Trust

A Duty Checklist for Trustees of a Trust

It’s no misnomer that a position with so much responsibility carries the name trustee. After all, you have been entrusted with a solemn responsibility and you no doubt want to do the best possible job. Here are 10 things to do when you are appointed trustee of a...

Leave an Inheritance for Future Generations with a Trusteed IRA

According to the Investment Company Institute, the use of IRAs for retirement saving has increased in the past decade, with $6.5 trillion invested in traditional and Roth IRAs. But how much of those assets will pass beyond the primary beneficiaries to the next...

So You’ve Been Named the Trustee of a Trust…Now What?

Many of you who have been asked by a family member of close friend to serve as the trustee of a trust are honored that the trust owner feels confident in relying on their good judgment to undertake this important responsibility. And it’s very likely you have no idea...

7 Steps for Effectively Managing an Inheritance

Research shows that a majority of baby boomers will receive an inheritance at some time during the lives, with the average inheritance estimated at almost $65,000. Should you be the recipient of family largesse, here are 7 steps you can take to be sure your...

What Happens to Your Data When You Die?

Take a moment and consider how much of your life you live online. If you are like most of us, you bank, pay bills, make purchases, connect with friends and communicate with just about everyone you know online. Think about all the digital assets you have accumulated...

How to Reduce the Risk of Identity Theft When a Loved One Dies

A new trend in identity theft – afterlife identity theft – is on the rise, with thieves scouring obituaries for personal information to steal the identities of those who have passed.  When you lose a loved one, it is important to take quick action and notify a number...
Digital Life After Death

Digital Life After Death

Have you ever thought about what happens to your social media accounts after you die? According to the Pew Research Center, 74 percent of Internet users maintain a social media presence using websites like Facebook, LinkedIn, Instagram, and Twitter. The far majority...
Watch Out for Predatory Tax Liens on Your Family Home

Watch Out for Predatory Tax Liens on Your Family Home

As our parents and other loved ones age, they may need a little more attention from us. Parents, grandparents, aunts and uncles, or even neighbors who are aging may want to be seen as strong and independent. Often, however, their abilities to take care of household...

Debunking 4 Common Myths About Gift Taxes

April 15 is not only the traditional deadline for filing your state and federal income tax returns, but also the deadline for filing gift tax returns via IRS Form 709. Many people are confused about the subject of gift taxes. Here are some common myths and the actual...

Supreme Court Decision Makes Inherited IRAs Fair Game in Bankruptcy

A recent U.S. Supreme Court decision has changed the way inherited IRAs are viewed when it comes to bankruptcy, and calls for those who inherit these retirement account assets to find new ways to protect that inheritance. In Clark v. Rameker, Heidi Heffron-Clark...

How to Protect Life Insurance Proceeds from Taxation

If you have been responsible enough to purchase a life insurance policy as added protection for your loved ones, then you will want to carry that responsible action a little further by protecting that important payout from taxation. If you are married and have named...

Savvy Year-End Tax Moves for Retirement Plan Owners

Even though the elections are over, no one knows what Congress will do by the end of the year when it comes to taxes so retirees are advised to look at strategies to cut their tax bills now rather than wait for Congress to act. Some considerations from Kiplinger’s:...
Retirement Planning Guidelines for Every Age

Retirement Planning Guidelines for Every Age

You’re never too young or too old to save for retirement; here are some guidelines by age group: Under 25:  If you graduated from college with debt, you are certainly not alone – the average debt burden is currently $26,500 for 65 percent of college graduates. Once...

How to Correctly Name Beneficiaries for Your IRAs

You could be unintentionally reducing your family’s wealth potential if you do not properly designate the beneficiaries of your IRAs. Improper estate planning could mean that your IRA assets could pass to the wrong people or entities, so how you execute your...

What to Do When You Inherit a Retirement Account

At Pierchoski Estate Law we are often asked to help people who inherit a retirement account. The action you need to take with an inherited IRA depends upon your unique situation; the IRS has rules for each and recently announced that they will be cracking down on...

How Can I Plan for a Strategic Retirement?

Not sure how you can ensure a smooth transition from working life to retired life? Walking away from regular paychecks and employer-provided benefits can feel a little nerve wracking. Minimize the impact of these major life changes by planning accordingly. Time It:...

Know How You Are Invested

If you have money invested in the stock market, whether through a retirement account or a straight brokerage account, I challenge you today to find out exactly what your money is invested in and make a conscious choice about what you are supporting in the world. If...

Signing Up for Medicare

People who are nearing the age of 65 should be making plans for the transition from private health care to Medicare. It is not a simple process or one that happens automatically. You have to initiate the enrollment process at a specific time or suffer a monetary...

5 Key Decisions to Make With Your Spouse Before You Retire

Retirement decision-making for boomers is very different than it was for our parents, when it was usually just one spouse (Dad) who retired, with Mom sometimes reminding him that, I married you for better or worse, but not for lunch! Now both working spouses must make...
The 10 Keys to Planning and Living Your Best Retirement

The 10 Keys to Planning and Living Your Best Retirement

Three-day weekends like the Labor Day just passed give us all the tiniest snippet of a glimpse into what retirement might be like – i.e., extra time to do what we want. But to have a fulfilling and enriching retirement, you need to do more than just wait to...